Friday 16th April 2021
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Napier Port today announces an upgrade to its earnings guidance for the year to 30 September 2021 as Hawke’s Bay and the broader regional economy benefit from solid primary sector market conditions.
Napier Port expects to report a result from operating activities for the half year to 31 March 2021 of approximately $21 million, which is less than the $21.7 million reported for the first half of the last financial year. In the current year, the absence of cruise vessels calling at Napier Port due to border closures has largely been offset by an increase in bulk cargo revenue.
This provisional unaudited operating result is subject to further adjustments and the final result will be reported in May.
Taking into consideration the provisional half year operating result and assuming a continuation of the current market conditions, Napier Port now expects an underlying result from operating activities for the year to 30 September 2021 to range between $39 million and $42 million, an increase on the guidance it issued in November 2020 of $34 million to $38 million.
The company today also releases its trade volume data for the half year to 31 March 2021.
Chief Executive Todd Dawson said Hawke’s Bay and the central and lower North Island, Napier Port’s core cargo catchment, continue to benefit from solid demand for the region’s food and fibre exports.
“The bounce back we saw in log exports in the last quarter of our 2020 financial year has been sustained for the first half of our current financial year, supported by sustained strong log export markets,” Mr Dawson said.
“As our trade volume data for the half year to 31 March 2021 shows, these trends have underpinned a 17.1% increase in bulk cargo volumes, including a 20.6% increase in log volumes on the same period in the prior financial year.
“Container volumes for the half year were in line with the same period a year ago. We have seen an uplift in year-to-date volumes of meat exports, and strong early-season pipfruit trades. These gains have been offset by reductions in containerised wood pulp and timber trades, following exporters’ plant maintenance and shutdowns. We have also faced the challenges from the continued regional and global shipping schedule disruptions, port congestion and the disrupted flow of empty containers into New Zealand.
“While we remain uncertain about the impact of labour shortages in the pipfruit and seasonal export industries, we expect to - assuming a continuation of the current market conditions - report an underlying operating result for the 2021 financial year similar to the prior year.
“We look forward to providing a further update when we release our financial results for the 2021 half year towards the end of May.”
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